Kenneth Rijock

Thursday, February 18, 2016

DID A RANKING OFFICIAL AT CIMA IMPROPERLY KILL ITS INVESTIGATION OF THE CAYMAN GANG OF FOUR ?

The Cayman Islands Monetary Agency, more commonly known as CIMA, has literally sat on its hands, regarding the theft of more than $450m, from Canadian retirees and pensioners, perpetrated by financial criminals known as the Cayman Gang of Four*. Eight months after it received documentary evidence of the massive fraud and theft of investor funds, CIMA has yet to interview any of the plotters, let alone refer the case to the authorities, for criminal prosecution.

After a few tentative steps, such as seeking forensic and compliance audits, from the Bateman Group. CIMA abruptly shit down any further inquiries. In truth and in fact, it has even declined to meet with victims, who were on Grand Cayman, seeking regulatory action on their plight. What could possibly have been the reason for this position ?

Reliable sources in the Cayman Islands know the answer; reportedly, the "ringleader" of the Cayman Gang of Four, Sharon Lexa Lamb, the cashiered Senior Vice President of Dundee Merchant Bank, has a close relationship with a certain CIMA officer, and Lamb prevailed upon that individual to quash the inquiry, permanently. Since this matter is under investigation, it may be inappropriate to name & shame that individual, but the time may come when circumstances demand that it be made public, especially if that individual decides to enter the private sector.

Ryan Bateman, Sharon Lexa Lamb, Derek Buntain

Whether the officer's action constitutes a crime, under the Laws of the Cayman Islands, I will leave to attorneys qualified in that jurisdiction to render an opinion, but it is certainly grounds for dismissal, with prejudice. The intentional failure, of a government official, to take action, for another, is just as much an example of corruption as accepting bribes and kickbacks.

Readers who have been wondering why CIMA seems to be little more than a "toothless tiger" in the face of major violations in the Cayman Islands, may now have their answer, regarding its consistent pattern of inaction.
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*The Cayman Gang of For are: Sharon Lexa Lamb, Fernando Moto Mendes, Derek Buntain,
and Ryan Bateman.